Accounting & Auditing Update

As a new crop of college graduates joins the audit profession, U.S. audit leaders issued a joint statement to sell them on the viability of their career path.

Accountants globally have new rules to follow around offering or accepting inducements, and they’re a little more explicitly stated than those for U.S. accountants.

A significant deficiency in internal control over financial reporting will not automatically constitute a critical audit matter that auditors will have to disclose under a new auditing standard, but it could suggest auditors will disclose a CAM related to the underlying accounting, said the Center for Audit Quality.

Banks appear all over the spectrum in terms of their readiness for CECL, with equal numbers implementing the new model or still in the early stages, a new poll says.

The Financial Accounting Standards Board has finalized a number of improvements to its new guidance on lease accounting, which public companies are working to adopt in 2019.

Companies are migrating toward automating their internal control over financial reporting, according to a recent survey by Financial Executives Research Foundation.

Public companies are roughly tripling their revenue-related disclosures to comply with the new revenue recognition standard, according to a new analysis.

International regulators are developing a broad proposal to call for improvements in audit committee oversight of external auditors.

The PCAOB is preparing to issue new proposals in the fourth quarter on auditing accounting estimates and using the work of specialists.

Companies have some new guidance on how to account for contributions they receive and make that are not clearly governed by revenue recognition rules.

PwC has been ordered to pay the FDIC $625.3 million as a result of a long-running accounting fraud that caused the 2009 failure of Colonial Bank.

The SEC will require companies to integrate their XBRL and static financial statement data into a single filing beginning in 2019 for the largest entities.

COSO has published an addendum to its ERM framework to illustrate examples of how to apply the framework to real situations.

FASB has given companies new accounting guidance to follow when accounting for share-based payments to non-employees.

Tax departments could soon face a mountain of new activity to collect and remit state sales tax after the U.S. Supreme Court overruled longstanding case law.

Audit regulators in the United Kingdom have taken off the gloves in their assessment of audit quality among the major firms, especially the Big 4.

FASB’s Emerging Issues Task Force has arrived at conclusions about how companies should account for certain cloud computing arrangement costs.

SEC staff are showing an interest in some specific disclosures companies are providing under the new revenue standard, based on themes emerging in comment letters.

FASB staff issued two new implementation guides to help companies navigate the GAAP taxonomy in the areas of revenue recognition and consolidations.

Investors are not getting much warning about assets and liabilities soon to hit corporate balance sheets as companies prepare to adopt new lease accounting rules.

Virtually all public companies are feeling some pain over accounting change occurring in their organizations the past few years, according to a recent poll.

FASB staff plan to suggest narrow changes to the new standard on credit losses to answer implementation questions on classification changes, interest, and more.

Big 4 firms are performing fewer public company audits as the number of public companies continues to decline, according to Audit Analytics.

With only six months to the effective date of a new lease accounting rule, more than half of companies have not started to prepare, according to a new survey.

Restatements took another downward dip in 2017, suggesting continued improvement in financial reporting quality, according to the newest study from Audit Analytics.